Reuters exclusively reports Chinese banks, Australia’s Macquarie move into Asian oil finance void

Reuters reported exclusively that Chinese national banks and Australia’s Macquarie Group are quietly filling part of the multi-billion-dollar hole in Asian oil financing after the withdrawal of traditional European lenders. Established financiers still taking on oil transactions, such as France’s BNP Paribas and Singapore’s OCBC, have raised compliance standards and are shying away from higher-risk small traders and refiners. Beijing-controlled Bank of China, ICBC Standard and Agricultural Bank of China are among the few institutions that are expanding credit in the sector. Australia’s Macquarie, largely unscathed by a default turmoil, is one of the few established players to expand commodity credit in Asia and has grabbed market share left by retreating European rivals.